Decline in Runes Protocol Activity
The Runes protocol has seen a significant decrease in activity since its initial week of trading. On May 10th, there was a noticeable decline in new mints and new wallets interacting with the protocol compared to previous periods. According to a Dune analytics dashboard, Runes’ fee revenue has been steadily declining. While it still earns hundreds of thousands of dollars daily in fees on the Bitcoin blockchain, the total fees have only surpassed $1 million on two occasions in the last twelve days, indicating a significant downward trend.
Runes is a new token standard for Bitcoin that allows users to create fungible tokens on the blockchain. It was created by Casey Rodarmor, who also created Ordinals, a platform for Bitcoin nonfungible tokens. The Runes protocol has been operational for three weeks since its launch on April 19, which coincided with the Bitcoin halving event. The launch of Runes created a frenzy among investors, resulting in a surge in transaction fees and record-breaking earnings for Bitcoin miners, with over $135 million generated in fees during the first week alone.
Data from Dune Analytics shows that until April 24, the majority of transactions on the Bitcoin network were Runes-related. On April 23, Runes accounted for 81.3% of transactions, pushing Bitcoin’s transaction share down to 18.15%. Runes transactions steadily declined over the following nine days until May 2. From May 3, there was a recovery in Runes transactions, with the platform regaining a transaction share above 60%.
The mining community initially welcomed the rising fees as their earnings had significantly dropped after the Bitcoin halving. In May, total revenue for Bitcoin miners dropped to under $30 million per day. Runes, along with Ordinals, introduces new token standards on Bitcoin’s blockchain, offering a more efficient tokenization solution than BRC20. This has led to a surge in memecoin trading on Bitcoin, which recently reached its one billionth transaction milestone.
While many platforms struggle to gain initial traction, Runes has already achieved significant success, with several Rune collections having market capitalizations in the hundreds of millions of dollars. Casey Rodarmor has also hinted at an innovative audioreactive generative art project during an Ordinals event in Hong Kong, showcasing the platform’s potential.
25 thoughts on “Decline in Runes Protocol Activity”
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I regret jumping on the Runes bandwagon. It’s not looking good at all.
Casey Rodarmor needs to address this decline and come up with a plan to revive Runes. 🆘
Runes seemed like a promising opportunity, but now it’s just a sinking ship.
It’s sad to see such a promising project lose steam so quickly.
The fact that Runes accounted for over 80% of transactions on the Bitcoin network at one point is mind-blowing! It really shows how popular and impactful this protocol has become.
I invested in Runes and now I’m feeling really uncertain about its future.
This is a huge blow for the mining community who were relying on the increased fees from Runes. 💸
I can’t believe Runes was once the majority of transactions on the Bitcoin network, and now it’s dwindling.
The decline in fee revenue for Runes is a bit concerning, but it’s still earning hundreds of thousands of dollars daily! Hopefully, there will be a turnaround soon and it can surpass the $1 million mark more frequently.
This downward trend in fees is not a good sign for the protocol.
The surge in memecoin trading on Bitcoin is quite fascinating! 😄 Congratulations to Runes for reaching the one billionth transaction milestone! That’s a huge accomplishment. 🥳
It’s interesting to see how Runes transactions fluctuated over the weeks. 📊 I wonder if there’s a specific reason behind these ups and downs. 🤔
I had high hopes for the future of Runes, but this decline is making me lose faith. 😢
Wow, what a disappointment. The decline in activity for Runes is pretty alarming.
I had high hopes for Runes, but it seems like it’s failing to live up to expectations.
The decline in new mints and wallets interacting with the protocol is definitely concerning. 😔
It’s great to see that Runes and Ordinals are offering a more efficient tokenization solution on Bitcoin’s blockchain! This will definitely attract more users and enhance the overall trading experience.
The decline in revenue for Bitcoin miners coupled with the decrease in Runes’ activity is a double whammy. 💔💸
I love how Runes introduced a new token standard for Bitcoin! 🔄 It adds more versatility to the blockchain and opens up so many possibilities for users.
I’m seriously questioning my investment in Runes right now. 😩
Wow, this article really highlights the ups and downs of the Runes protocol! But it’s great to see that it had such a strong start in terms of transaction fees.
The frenzy that surrounded the launch of Runes is incredible! It’s amazing to think about the record-breaking earnings for Bitcoin miners during that first week.
It’s clear that Runes’ tokenization solution is not living up to its expectations. 💭
It’s interesting how quickly the activity on the Runes protocol has declined after its initial week. I wonder what caused this sudden decrease in new mints and wallets interacting with the protocol.
Casey Rodarmor seems to be a genius when it comes to creating innovative blockchain solutions! The success of both Runes and Ordinals shows his talent and creativity.